Monday, December 8, 2003
Issue Contents:
| 08:57 | Good Morning Stock survey underway. |
| 09:05 | Paul's Watch List Stock picks for intraday and swing trades. |
| 09:06 | Daily Swing Trade Today's stock setups. |
| 12:22 | U.S. Economic Calendar Key releases this week. |
| 16:16 | Active Trader Transcript Real time forum log. |
Good morning.
The December issue of Strategies for Success is going out today. Watch for it in your email box.
Tomorrow is the last FOMC meeting of the year, so in anticipation of pre-FOMC chop, I'll be doing a technical survey of stocks found on our ChartScreener List 10 and bringing anything worthwhile to your attention over the next day or so.
BONUS Technical Trading Workshop
Teresa and Mike will be conducting a one-week workshop for members of our real-time service from December 15-19, so that you can start 2004 in tip top shape.
More articles were uploaded to the Knowledge Base over the weekend.
This is Paul's intraday and swing trade watch list for Monday. He will review the setups in real-time at around 11AM Eastern.
BUY SCALPS:
- CSCO @ 23.86
- GM @ 46.47
- DD @ 43.73
SHORT SCALPS:
- WMT @ 52.69
Prices above are used as ALERTS to look for intraday entries. If you need additional ideas, don't forget that we have automated Stock Scan Lists as well.
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Let's update our picks from Friday.
Even though we were stopped out on XILINX on Thursday, it did end up hitting the first downside target on Friday. I noticed that a lot of stocks did a big "thud" last week, even though investors and the media didn't seem to notice.
Last week, we stalked NEWMONT MINING on the short side and then showed you why it was also a long scalp on a swing trade basis. It's a pullback in an uptrend on the daily chart, and the upside target for the buyers is a test of the December 2 swing high of $50.28 where we know sellers came out before. Now, on this test of top, we will also see if they can take it past overhead resistance or not, and if they can't short sellers will be waiting below Friday's low, ready to sell it in case a much bigger retracement pattern such as the two-swing classic bull flag or an ABC Correction to the 20-day EMA below develops.
Alot of the pharmaceutical stocks have been selling off for what seems to be ages, and some of them might offer a surprise to the upside, if only on shortcovering. For example, MERCK has bounced to the 20-day EMA overhead and sellers are trying to push it down again. If they cannot, then we should be able to get a one or two-day shortcovering rally, and we can participate in that with a buy alert placed at Friday's high of $43.55. The usual plan is to wait a few minutes after it hits the alert price, and then go in and buy a small size position of DECEMBER 42.50 CALLS with an initial stop loss at $42.71.
We're basically looking for a one-day short covering blast similar to that seen on MEDIMMUNE.
In the "in case of upside surprise" department, we can position at Friday's high on ORACLE in case it can reverse and move up above the $12.90 level, but I think I'd scalp this on a 15-minute intraday basis.
That's it for today.
Monday, December 8
President Bush hosts Lithuanian President Rolandas Paksas at the White House.
Earnings Highlights: CDT, CMGI, DAB, FLE, HOV, IMKTA
- 1:00PM 3-Month Treasury Bill Auction
- 1:00PM 6-Month Treasury Bill Auction
Tuesday, December 9
President Bush hosts Chinese Premier Wen Jiabao in an official visit at the White House.
Earnings Highlights: COST, KR, AZO, ABM, ALOG, CMN
- 7:45AM BTM-UBSW Store Sales
- 8:55AM Redbook
- 9:00AM FOMC Meeting Begins
- 10:00AM Wholesale Trade
- 1:00PM 4-Week Treasury Bill Auction
- 2:15PM FOMC Interest Rate Announcement
Wednesday, December 10
Earnings Highlights: CNVR, TTC, CRMT, CANI, CAE, CKR
- 7:00AM MBA Purchase Applications
- 1:00PM 5-Year Treasury Note Auction
Thursday, December 11
Earnings Highlights: CIEN, ADBE, ADIC, HITK, COO, VRTY
- 8:30AM Import and Export Prices
- 8:30AM Jobless Claims
- 8:30AM Retail Sales
- 10:00AM Business Inventories
- 12:30PM FOMC Chairman Greenspan addresses the World Affairs Council of Greater Dallas.
- 1:00PM 10-Year Treasury Note Auction
- 2:00PM FOMC Minutes
- 4:30PM Money Supply
Friday, December 12
Earnings Highlights: LAKE, PNY
- 8:30AM International Trade
- 8:30AM Producer Price Index
- 9:45AM Consumer Sentiment
Real time forum log.
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